Stock 9435 HIKARI TSUSHIN, INC.
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Financials Hikari Tsushin, Inc.

Equities

9435

JP3783420007

Communications & Networking

Market Closed - Japan Exchange
Other stock markets
 02:00:00 2024-06-10 am EDT 		5-day change 1st Jan Change
27,765 JPY -0.54% Intraday chart for Hikari Tsushin, Inc. +3.70% +18.76%
May. 23 NTT DATA JAPAN Corporation completed the acquisition of JASTEC Co., Ltd. from Shigeru Kamiyama and Sasuyama Ltd and others. CI
Apr. 25 Elecom Co., Ltd. entered into non-binding Memorandum of Understanding to acquire Nippon Antenna Co.,Ltd. from Resona Bank, Limited, Hikari Tsushin, Inc., Custody Bank of Japan, Ltd. (Trust Account), UH Partners 3 Co., Ltd. and UH Partners 2 Co.,Ltd. CI

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 965,282 831,883 1,021,821 630,776 832,168 1,225,668 - -
Enterprise Value (EV) 1 1,099,063 959,354 1,211,422 905,147 1,164,574 1,575,417 1,555,439 1,549,604
P/E ratio 19.5 x 16.1 x 18.7 x 7.26 x 9.11 x 10.3 x 14.1 x 13.3 x
Yield 1.67% 2.22% 2.05% 3.51% 2.93% 2.26% 2.28% 2.42%
Capitalization / Revenue 1.99 x 1.59 x 1.83 x 1.09 x 1.29 x 2.07 x 1.95 x 1.87 x
EV / Revenue 2.27 x 1.83 x 2.17 x 1.57 x 1.81 x 2.62 x 2.47 x 2.37 x
EV / EBITDA 14.8 x 10.8 x 14.1 x 9.07 x 11.3 x 14.4 x 13.3 x 12.5 x
EV / FCF -42.7 x 38.1 x -31.4 x -20.1 x -47.4 x 44.4 x -182 x 548 x
FCF Yield -2.34% 2.62% -3.18% -4.97% -2.11% 2.25% -0.55% 0.18%
Price to Book 3.74 x 2.91 x 2.6 x 1.35 x 1.45 x 1.58 x 1.46 x 1.37 x
Nbr of stocks (in thousands) 46,032 45,884 45,883 45,152 44,812 44,144 - -
Reference price 2 20,970 18,130 22,270 13,970 18,570 27,915 27,915 27,915
Announcement Date 5/17/19 5/20/20 5/14/21 5/16/22 5/16/23 5/15/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 484,386 524,570 559,429 578,269 643,984 601,948 629,022 654,000
EBITDA 1 74,350 89,088 85,720 99,763 102,868 109,102 116,905 124,266
EBIT 1 64,277 73,004 69,257 83,036 86,615 94,546 101,251 108,159
Operating Margin 13.27% 13.92% 12.38% 14.36% 13.45% 15.71% 16.1% 16.54%
Earnings before Tax (EBT) 1 71,579 80,056 82,170 107,978 118,479 168,000 124,727 132,388
Net income 1 49,547 51,670 54,614 87,360 91,345 122,225 87,370 92,375
Net margin 10.23% 9.85% 9.76% 15.11% 14.18% 20.3% 13.89% 14.12%
EPS 2 1,076 1,126 1,190 1,923 2,038 2,754 1,976 2,099
Free Cash Flow 1 -25,739 25,164 -38,524 -44,962 -24,545 35,482 -8,534 2,826
FCF margin -5.31% 4.8% -6.89% -7.78% -3.81% 5.89% -1.36% 0.43%
FCF Conversion (EBITDA) - 28.25% - - - 32.52% - 2.27%
FCF Conversion (Net income) - 48.7% - - - 29.03% - 3.06%
Dividend per Share 2 351.0 402.0 456.0 491.0 545.0 638.0 635.8 675.3
Announcement Date 5/17/19 5/20/20 5/14/21 5/16/22 5/16/23 5/15/24 - -
1JPY in Million2JPY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2020 S1 2021 S1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 Q4 2023 S2 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4 2025 Q1 2025 Q2 2025 Q3 2025 Q4
Net sales 1 259,768 265,935 138,970 273,911 143,478 160,880 143,469 166,533 310,002 160,512 173,470 - 140,140 156,339 296,479 150,209 155,260 155,000 155,000 155,000 155,000
EBITDA - - - - - - - - - - - - - - - - - - - - -
EBIT 1 44,874 47,588 24,704 48,881 19,185 14,970 18,264 27,881 46,145 20,092 20,378 - 23,966 24,525 48,491 26,015 20,040 24,000 25,500 25,500 25,000
Operating Margin 17.27% 17.89% 17.78% 17.85% 13.37% 9.31% 12.73% 16.74% 14.89% 12.52% 11.75% - 17.1% 15.69% 16.36% 17.32% 12.91% 15.48% 16.45% 16.45% 16.13%
Earnings before Tax (EBT) 1 46,878 50,102 30,616 60,674 24,647 22,657 40,585 41,693 82,278 12,152 24,049 - 47,583 39,636 87,219 20,721 60,060 30,500 34,000 32,000 33,200
Net income 1 31,037 29,928 19,614 40,147 18,448 28,765 27,603 32,208 59,811 6,743 24,791 - 32,739 29,022 61,761 12,077 48,387 19,700 21,400 21,100 23,215
Net margin 11.95% 11.25% 14.11% 14.66% 12.86% 17.88% 19.24% 19.34% 19.29% 4.2% 14.29% - 23.36% 18.56% 20.83% 8.04% 31.17% 12.71% 13.81% 13.61% 14.98%
EPS 2 676.4 652.3 431.8 880.8 406.7 635.7 615.0 718.6 1,334 150.8 553.3 - 733.1 653.4 1,386 274.2 1,093 419.1 434.9 459.9 537.6
Dividend per Share 2 195.0 222.0 121.0 240.0 124.0 127.0 131.0 135.0 266.0 138.0 141.0 279.0 143.0 145.0 288.0 147.0 203.0 141.0 142.0 143.0 257.3
Announcement Date 11/13/19 11/12/20 11/12/21 11/12/21 2/14/22 5/16/22 8/12/22 11/14/22 11/14/22 2/14/23 5/16/23 5/16/23 8/14/23 11/13/23 11/13/23 2/13/24 5/15/24 - - - -
1JPY in Million2JPY
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 133,781 127,471 189,601 274,371 332,406 327,643 329,771 323,936
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.799 x 1.431 x 2.212 x 2.75 x 3.231 x 3.003 x 2.821 x 2.607 x
Free Cash Flow 1 -25,739 25,164 -38,524 -44,962 -24,545 35,482 -8,534 2,827
ROE (net income / shareholders' equity) 20.5% 19% 16.1% 20.3% 17.6% 18% 10.4% 10.4%
ROA (Net income/ Total Assets) 6.65% 9.01% 7.37% 7.98% 7.54% 8.91% - -
Assets 1 744,944 573,227 740,722 1,095,175 1,211,366 1,371,722 - -
Book Value Per Share 2 5,607 6,228 8,575 10,352 12,773 17,907 19,140 20,449
Cash Flow per Share 1,294 1,477 1,549 2,291 2,400 3,082 - -
Capex 1 16,634 18,513 15,319 17,990 18,325 18,283 14,000 14,000
Capex / Sales 3.43% 3.53% 2.74% 3.11% 2.85% 3.04% 2.23% 2.14%
Announcement Date 5/17/19 5/20/20 5/14/21 5/16/22 5/16/23 5/15/24 - -
1JPY in Million2JPY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Hikari Tsushin, Inc.

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
3
Last Close Price
27,915 JPY
Average target price
27,747 JPY
Spread / Average Target
-0.60%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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